Iowa's Betting Boom Continues in June
The Iowa Racing and Gaming Commission has released its monthly report for June 2024, showing a significant increase in sports betting activity.
Iowa received $843,201 in sports betting tax revenue in June, up from $703,846 last year. (Source: Alan Stanley, Pixabay)
LISTEN TO THIS ARTICLE:In the month, the operators in the state reported a combined handle of $146.6 million, an increase of 23.2% compared to the $119 million recorded in the same month last year.
With a hold percentage of 8.5%, sportsbooks generated $12.4 million in revenue after distributing $134.6 million in winnings to players in June.
Thanks to the increase in handle and revenue, tax contributions to the state and local governments also shot up by 20% from $703,846 in June 2023 to $843,201 last month.
DraftKings Ranks First
DraftKings, in partnership with Wild Rose, led the Iowa online sports betting market in June with $52.9 million in wagers, a significant increase from $39.8 million in June 2023. The platform also saw a notable surge in net receipts at $4 million, up from $2.6 million in the same month last year.
FanDuel, partnered with Diamond Jo Casino, achieved the second spot with $33.7 million in wagers, an increase of $6.1 million compared to June 2023. Its net receipts rose from $2.8 million in June 2023 to $4.2 million this year.
Caesars Sportsbook, which collaborates with five Iowa casinos, secured the third-highest handle in the state at $15.9 million, up from $15.7 million last year. However, despite this increase, Caesars' net receipts fell 14.8% to $937,010.
More Finance News
Robust Growth for Fresh Operators
New sports betting operators in the Iowa market also saw growth in their handles and revenues during June. For instance, ESPN Bet generated $403,960 in revenue from total bets of $4.8 million.
Fanatics, which launched in the market in February after it acquired Pointsbet's US business, saw $3.3 million in total wagers and earned $307,736 in net receipts. Sporttrade reported a net receipt of $73,124 from an online handle of $563,184.
Tipico collected $246,305 in handle and posted net receipts of $30,971. However, June is the last month of wagering for Tipico in Iowa and other markets, as it has recently been acquired by MGM Resorts International's LeoVegas Group.
Last month, LeoVegas inked a deal with Tipico Group to purchase its US operations. The deal includes the product and technology platform that supports Tipico's US operations, though financial specifics remain undisclosed.
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Iowa's Betting Boom Continues in June